红星冷链：成长能力及区域局限制约发展空间，大举分红后再募资补流为哪般？｜IPO观察

Core Viewpoint - Hongxing Cold Chain (Hunan) Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, having distributed 84.39% of its net profit as dividends to shareholders over the past three years, raising concerns about its growth potential and regional limitations [2][3][13] Financial Performance - The company reported revenues of 236.736 million yuan, 201.76 million yuan, and 233.576 million yuan for the years 2022 to 2024, with net profits of 79.112 million yuan, 75.312 million yuan, and 82.88 million yuan respectively, indicating revenue volatility [3] - Total net profit over the past three years was 237.304 million yuan, with cash dividends amounting to 200 million yuan, which is 84.39% of the net profit [3][4] - In 2024, the company plans to distribute 140 million yuan in cash dividends, which equals its entire profit for that year, plus an additional 57 million yuan from previous profits [3][6] Market Position - Hongxing Cold Chain holds an 8.9% market share in the central region of China for frozen food trading services, ranking second, and a 52.7% market share in Hunan province, ranking first [7][8] - In the cold storage service market, the company ranks first in both the central region and Hunan province, with market shares of 2.6% and 13.6% respectively [7][8] Growth Concerns - The company has experienced a compound annual growth rate (CAGR) of -0.67% in revenue, which is significantly lower than the industry growth rates [8][13] - The overall market for food cold chain trading services in China is expected to grow from 4.7 trillion yuan in 2020 to 5.2 trillion yuan in 2024, with a CAGR of 2.7% [10] - The cold storage service market is projected to grow from 21.7 billion yuan in 2020 to 25.6 billion yuan in 2024, with a CAGR of 4.2% [10] IPO Purpose - The primary purpose of the upcoming IPO is to raise funds for expansion, research and development, acquisitions, and to address liquidity issues following the substantial dividend payouts [5][6]